Use the following information to answer questions (Round to 2 decimal places):The following information has been extracted from the records of Due North Sales (DNS) Co.:January 1January 9January 15January 25Beginning InventoryBoughtSoldBoughtMultiple ChoiceIf Due North Sales (DNS) uses the LIFO cost flow assumption, under a perpetual method, the ending inventory value at January 31st is:$31,600None of the other alternatives are correct$30,987$32,300550 units @ $26 each1,000 units @ $28 each1,200 units @ $40 each750 units @ $30 each$32,052

LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Use the following information to answer questions (Round to 2 decimal places): The following information has been extracted from the records of Due North Sales (DNS) Co.: January 1 January 9 January 15 January 25 Multiple Choice If Due North Sales (DNS) uses the LIFO cost flow assumption, under a perpetual method, the ending inventory value at January 31st is: O O Beginning Inventory Bought Sold Bought O $31,600 None of the other alternatives are correct $30,987 $32,300 550 units@ $26 each 1,000 units @ $28 each 1,200 units @ $40 each 750 units@ $30 each $32,052

Use the following information to answer questions (Round to 2 decimal places): The following information has been extracted from the records of Due North Sales (DNS) Co.: January 1 January 9 January 15 January 25 Multiple Choice If Due North Sales (DNS) uses the LIFO cost flow assumption, under a perpetual method, the ending inventory value at January 31st is: O O Beginning Inventory Bought Sold Bought O $31,600 None of the other alternatives are correct $30,987 $32,300 550 units@ $26 each 1,000 units @ $28 each 1,200 units @ $40 each 750 units@ $30 each $32,052

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…
Someone gave me this answer : cost of ending inventory : 26,300 Cost of goods sold: 36,370 And it is not correct